HomeMy WebLinkAboutBy-law 2665/88 THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NUMBER 2665/88
Being a by-law to provide for interest to
be added to tax arrears.
WHEREAS pursuant to the provisions of section 3 of the Municipal Interest
and Discount Rates Act, 1982, a municipality may, by by-law, provide that
the interest rate payable on overdue payments of taxes owing to it shall
be at the rate specified therein, which rate shall not exceed the prime
rate of the chartered bank that has the highest prime rate on the day the
by-law is passed or any day within the 14 day period immediately prior to
the date the by-law is passed, plus 1 1/2 per cent per annum; and
WHEREAS the prime rate of interest of the Canadian Imperial Bank of
Commerce during this period was 9.75 per cent;
NOW THEREFORE THE Council of the Corporation of the Town of Pickering
HEREBY ENACTS as follows:
1. The interest rate payable on overdue payments of taxes owing to the
Corporation of the Town of Pickerin9 on the effective date of this
by-law shall be 11.25 per cent per annum.
2. The Treasurer shall add to the amount of all overdue payments of
taxes owing to the Corporation of the Town of Pickering interest at
the rate of 0.9375 per cent per month for each month or fraction
thereof, from the effective date of this by-law until the earlier
of:
a) the day a by-law in respect of interest payable on overdue
payments comes into force in 1989; or
b) March 31st, 1989
3. No interest added to taxes shall be compounded.
4. Section 2210.4 of the Town of Pickering Municipal Code is hereby
repealed and replaced by the provisions of this by-law.
BY-LAW READ a first, second and third time and finally PASSED this 1st
day of February, 1988.